The launch of the TRUMP meme coin has drawn massive attention, reaching a $72 billion market cap in just two days. The excitement has also unleashed a wave of fraudulent activity, with over 6,800 fake tokens and 91 malicious decentralised applications (dApps) flooding the market, according to blockchain forensic firm Blockaid.
Scammers capitalised on the hype surrounding TRUMP, creating counterfeit tokens and applications designed to mimic the original coin. The surge in fake assets, particularly on networks like Solana and Ethereum, has made it increasingly difficult for investors to distinguish legitimate tokens from malicious ones. The scheme extended to tokens referencing Trump family members, further complicating the situation.
Blockaid has worked to shield users from these threats, blocking hundreds of interactions with fake assets since the TRUMP token’s release. While cryptocurrency’s decentralised nature empowers users, it also provides opportunities for bad actors, underscoring the ongoing need for vigilance and robust scam prevention efforts.
The US Senate has confirmed billionaire hedge fund manager Scott Bessent as the next Treasury Secretary, marking a significant step for fiscal policy and financial regulation under Donald Trump’s administration. The confirmation, decided by a 68 to 29 vote on 27 January, saw bipartisan support, with 16 Democrats backing the nomination.
Bessent is a vocal supporter of Trump’s economic strategy, which includes renewing $4 trillion in expiring tax cuts, imposing tariffs, and boosting oil production. During his confirmation hearing, he criticised the government’s ‘out of control’ spending, aligning with Trump’s stance on fiscal responsibility. As Treasury Secretary, Bessent will influence tax collection, the $28 trillion Treasury debt market, and international financial matters.
Known for his pro-crypto views, Bessent has openly opposed the creation of a central bank digital currency (CBDC), describing it as unnecessary for the US. He emphasised that such measures are often adopted by countries with limited investment options or economic constraints. Bessent’s stance aligns with Trump’s executive order to form a governmental group on crypto policy, which will also include AI and crypto czar David Sacks and the chairs of the SEC and CFTC.
Ripple CEO Brad Garlinghouse praised Bessent’s appointment, expressing confidence in his ability to enact policies that support innovation in technology and crypto. With a strong pro-crypto outlook, Bessent’s leadership could shape the direction of the US financial system amidst evolving global trends.
Ripple CEO Brad Garlinghouse has called for a more inclusive approach to digital asset reserves, advocating for a US stockpile that represents a variety of cryptocurrencies rather than favouring a single token like Bitcoin or XRP. Highlighting the importance of a multichain ecosystem, he stressed the need for a level playing field in the crypto industry, stating, ‘Maximalism remains the enemy of crypto progress.’
Recent comments from US President Donald Trump have sparked discussions about a national digital asset reserve, an idea he supported before the election. However, market predictions suggest only a 17% chance of this initiative being authorised within Trump’s first 100 days in office.
Ripple’s XRP, used primarily for cross-border payments and remittances, remains integral to the company’s operations despite fluctuating values. On Monday, XRP traded at $2.65 following a brief spike to $3.09, reflecting the volatile nature of the cryptocurrency market.
Central bank digital currencies (CBDCs) face significant challenges in gaining consumer acceptance, according to a new survey by GlobalData. The findings reveal that users in countries with active CBDC programmes, such as the Bahamas, Jamaica, and Nigeria, are hesitant to switch from traditional payment methods due to a lack of incentives, privacy concerns, and technical complexities.
Blandina Szalay, an analyst at GlobalData, highlighted the slow adoption rates, explaining that CBDCs often complicate payments without offering clear benefits. Convenience and established habits remain strong drivers for consumers, making it difficult for CBDCs to gain traction.
Despite these hurdles, the global push for CBDCs continues, with 134 countries representing 98% of the world’s economy actively exploring the technology. Over 65 countries, including India and Brazil, are advancing their projects, with many in pilot phases. Central banks hope CBDCs can improve cross-border payments, promote financial inclusion, and enhance monetary stability, but achieving widespread adoption remains a formidable task.
The Czech National Bank is evaluating whether to include bitcoin in its reserves, Governor Aleš Michl revealed. No immediate decision is expected, but if approved, the bank could allocate up to 5% of its €140 billion reserves to the cryptocurrency.
Michl, who has focused on diversifying reserves since taking office in 2022, has already increased gold purchases and shifted investments toward equities. He plans to present the bitcoin proposal to the bank’s board, acknowledging the asset’s volatility as a key consideration.
While some central banks remain sceptical about bitcoin’s role as a reserve asset, growing institutional adoption has fuelled debate. The European Central Bank continues to reject bitcoin, likening it to speculative bubbles, while Switzerland has seen calls for its central bank to hold bitcoin alongside gold.
Interest in bitcoin has surged, with its value more than doubling in 2024. BlackRock’s bitcoin exchange-traded funds and the US government’s new cryptocurrency initiatives have contributed to its rise, making it an increasingly attractive option for investors.
Poland has expanded its Bitcoin ATM network to 219 machines, surpassing El Salvador to become the fifth-largest network globally, just behind the US, Canada, Australia, and Spain. The country added 10 new machines on 27 January, continuing its four-month spree of new installations, which began in October 2024. Meanwhile, El Salvador, which was one of the third-largest networks in October 2022, has not increased its Bitcoin ATM capacity.
Despite Poland’s growth, Salvadoran officials are focused on the broader adoption of Bitcoin. Juan Carlos Reyes, president of El Salvador’s National Commission of Digital Assets, explained that while Bitcoin ATMs provide a valuable service, they are becoming less essential due to the seamless integration of Bitcoin payments in daily life, reducing reliance on ATMs. He also pointed out that Bitcoin’s utility extends far beyond ATM transactions, giving citizens more options for everyday purchases.
Reyes further stressed the importance of balanced regulation for Bitcoin and crypto ATMs, particularly around concerns such as money laundering. He emphasised that Bitcoin’s traceable nature makes it fundamentally different from other digital assets, which should be considered when developing regulatory measures.
The global crypto ATM landscape now has around 38,100 machines spread across 65 countries. Notably, Australia has seen consistent growth and joined the US and Canada in surpassing 1,000 active Bitcoin ATMs.
At the World Economic Forum in Davos, Europol’s executive director, Catherine De Bolle, urged tech companies to provide law enforcement access to encrypted messages, citing public safety concerns. While she argued this is necessary to combat crime and protect democracy, critics highlighted the risks of undermining encryption, which is essential for privacy and individual freedoms.
De Bolle compared accessing encrypted communications to executing a search warrant in a locked house. However, this analogy oversimplifies the issue, as encryption safeguards sensitive data and ensures private communication, even under authoritarian regimes. Weakening it could lead to widespread misuse, enabling mass surveillance and suppression, as seen in places like Russia.
Advocates for privacy stress that encryption is not merely a barrier to crime but a cornerstone of democracy, enabling free speech and safeguarding against state overreach. While law enforcement has other tools for crime-fighting, creating backdoors to encryption would expose everyone to cyber risks and potentially render digital security obsolete.
If governments succeed in weakening encryption, decentralised solutions backed by blockchain technology could rise, making such access nearly impossible in the future. The debate underscores the critical balance between security and preserving fundamental rights.
The US Securities and Exchange Commission (SEC) has partially won its case against the crypto exchange Kraken. A California federal judge ruled on 24 January 2025, dismissing Kraken’s argument that Congress had not granted the SEC jurisdiction over the crypto market. Judge William Orrick decided that the SEC’s actions fell within powers that Congress could reasonably have delegated to the agency.
Kraken had invoked the ‘major questions doctrine,’ which argues that government agencies cannot exercise powers not specifically granted by Congress. Other crypto companies, such as Coinbase and Binance, have used this defence in similar cases. However, Judge Orrick noted that while cryptocurrency is growing, it has not reached an economic significance comparable to other sectors like energy or student loans.
Despite this, the court allowed Kraken’s ‘fair notice’ defence to remain in place. Kraken claimed it wasn’t adequately informed by the SEC about how its activities might violate securities laws. The case, which began in November 2023, is part of the SEC’s ongoing efforts to regulate the crypto industry, with Kraken accused of operating without proper registration as a securities exchange.
Brazil’s data protection authority, ANPD, has ordered Tools for Humanity (TFH), the company behind the World ID project, to cease offering crypto or financial compensation for biometric data collection. The move comes after an investigation launched in November 2023, with the ANPD citing concerns over the potential influence of financial incentives on individuals’ consent to share sensitive biometric data, such as iris scans.
The World ID project, which aims to create a universal digital identity, uses eye-scanning technology developed by TFH. The ANPD’s decision also reflects its concerns over the irreversible nature of biometric data collection and the inability to delete this information once submitted. Under Brazilian law, consent for processing such sensitive data must be freely given and informed, without undue influence.
This is not the first regulatory issue for World ID, as Germany’s data protection authority also issued corrective measures in December 2023, requiring the project to comply with the EU’s General Data Protection Regulations. Meanwhile, the value of World Network’s native token, WLF, has dropped significantly, falling by over 8% in the past 24 hours and 83% from its peak in March 2023.
Dean Norris, famed for his role as Hank Schrader in Breaking Bad, had his X account hacked to promote a fraudulent memecoin. The coin, DEAN, which briefly reached a market cap of over $8 million, was part of a pump-and-dump scheme. Norris confirmed the hack on 26 January, stating that the coin was a ‘complete, fake scam’ and slamming Reddit users who blamed him for the incident.
The hackers used Norris’s likeness in a doctored video and images to deceive people into thinking he was endorsing the token. Although the promotional posts were eventually removed, screenshots of the fraudulent content circulated online. Blockchain data showed a massive spike in the coin’s value, which quickly collapsed after the scam was exposed.
It is not the first time Norris has been targeted by crypto fraudsters. In November, his account was also hijacked in a similar scheme, with connections to other high-profile account takeovers. Norris, who rarely uses X and does not have a Telegram account, revealed he was unaware of the hack until friends alerted him.
